March 19, 2020—With all the talk of tech disruption in the automotive aftermarket, it’s surprising how much paper still changes hands in transactions, whether it's invoicing, receipts or check payments.
More than half of business-to-business transactions are still made by paper checks, according to an estimate from Nvoicepay, a payment technology developer.
Transition from a proven paper system can be a tough transition. Recently, Nvoicepay CEO Karla Friede cited some cases in which tech disruption pushes some businesses toward that transition. Pam Cichoke, VP of Automotive Sales for Nvoicepay recently provided insight on the issue.
Cichoke says that for low-margin businesses, like the dealerships the company works with, new tech is often a way to gain efficiencies.
“There is never downtime in the [automotive] world, and working off paper only slows up progress at the store level,” Cichoke wrote in a Q and A with FenderBender sister brand ADAPT.
She says that smaller operations should look for tech that doesn’t require a large IT team to roll out. Considering a product for its ease-of-adoption is an important part of the process.
To read the full ADAPT article, click here.